Zcash Bulls Target $1,500 After Pennant Breakout

Zcash has seen a significant rally in recent days, with its price rising from around $814 to a multi-year high of $1,249.

The token's price has been consolidating after reaching that peak, trading at around $1,150 on September 8th.

This pullback hasn't erased much of the rally that began near $813.95 on September 3rd, with Zcash gaining over 53% at its peak and still up about 41% by September 8th.

The rally was driven by a derivatives-driven short squeeze that liquidated more than $46 million in bearish positions within 24 hours.

According to analysts, the token's longer-term formation is a bullish pennant, and it has already surpassed the pattern's initial $1,000 target.